He says he acted as the musician's personal accountant and tax agent although he sometimes gave his opinion on investments either entered into or contemplated by Mr Clayton.

Mr Clayton's first case, initiated in 2011, involves a claim for €4.2m (£3.1) losses allegedly suffered after he invested in two funds on Mr Smyth's advice. He invested €1.2m in the Friends First Orion fund, focusing on the UK and Northern Ireland, and €3m in the Friends First Crystal fund.

In the second case, initiated in 2013, Mr Clayton claims Mr Smyth has a liability for some €5.37m losses after he invested in the Timisorara Partnership in Romania. He also says Mr Smyth has a liability for €1.05m losses arising from an investment in a European Hotel Consortium in Belgium, and for some €270,000 arising from his investment in a pharmaceutical company.